List of insolvencies
| Appointment Date | Name | Summary |
|---|---|---|
| 12 May 2010 | Farlane Property Group | David Chubb, Mike Jervis and Rob Lewis of PricewaterhouseCoopers LLP were appointed joint administrators of Farlane Property Group Limited on 11 May 2010. The company owns a number of freehold property interests comprising the Windwhistle Golf Club at Cricket St Thomas, Near Chard, Somerset, a portfolio of 43 pubs around the UK (approximately 14 of which are currently untenanted), two residential properties in London and two development land lots in Camberley and Northants. There are currently 14 employees at the Windwhistle Golf Club. The portfolio of pubs is managed by an independent third party and therefore has no direct employees. |
| 7 May 2010 | Vergo Retail | Sarah Bell and Steven Muncaster, partners at MCR, have been appointed joint administrators of department store business Vergo Retail Limited. Vergo Retail was established in 2007 and operates from a head office in Liverpool, employing a total of 942 staff across 19 outlets. These include nine significant department stores such as Lewis's of Liverpool, Robbs of Hexham, Joplings of Sunderland and Derrys of Plymouth. The administrators have confirmed that at this stage the company is trading as normal, while the position of thec is reviewed and a buyer is sought to purchase the business as a going concern. Vergo Retail Limited acquired the department stores of Lewis's, Robbs and Joplings in May 2007. |
| 5 May 2010 | I-level | I-level, the digital media agency led by co-founder Andrew Walmsley and group chief executive Stephen Rust, has fallen into administration. The 10-year-old agency lost the Government's multi-million-pound digital media account to Sir Martin Sorrell's GroupM in February, which accounted for some £40m of billings, equating to 40% of the agency's total turnover. The process is being handled by advisory and management firm Zolfo Cooper. The firm cited cash flow problems and the unavailability of further funding as reasons for the decision to take the company into administration. |
| 4 May 2010 | Faith Shoes | Auditor and property broker Capa has been instructed to advise on the failed shoe chain Faith Shoes. Acting for the joint administrators at Mazars, Capa has been asked to provide valuation and marketing advice on the 79 stores while the administrators seek a purchaser of the business. Capa has received interest from parties for groups of stores and is in talks with landlords. |
| 4 May 2010 | Vivo Modus | A Modus company which was planning a £300m scheme on a site it owns in Leeds, has been placed in administration. Paul Dumbell and Brian Green of KPMG’s Northern Restructuring practice were appointed joint administrators to Vivo Modus. The company owns a 6.5-acre site next to Leeds Metropolitan University. |
| 30 April 2010 | Know the Score | Warwickshire based sports publisher, Know the Score, has collapsed into administration. Despite the company’s difficulties, Know The Score’s website was still soliciting submissions from authors in the sport, travel and humour genres today. The company's website is still up and running and makes no mention of the administration. Ian Pankurst of Warwick based Senate Recovery has been appointed as administrator. |
| 30 April 2010 | McTavish Ramsay | Door-maker McTavish Ramsay, one of Dundee’s oldest manufacturing companies, has gone into receivership with the loss of 62 jobs. The company’s said the problems were not because of a lack of work but were due to a technical breakdown and the unwillingness of suppliers to provide materials after they became wary of the firm following a previous credit arrangement. A total of 62 of the firm’s 86 staff were made redundant with immediate effect leaving 24 to continue working on existing orders that KPMG hopes can be fulfilled. Blair Nimmo, of KPMG, has been appointed as receiver. |
| 29 April 2010 | Electrum Holdings, AC2000, and EINW Ltd | Electrum Holdings Ltd, AC2000 Ltd and EINW Ltd, the Leicester-based air-conditioning and electrical contractors, have been placed into administration on 12 April 2010. Beverley Marsh and David Thornhill, client partners at Vantis Business Recovery Services (BRS), a division of Vantis, the UK accounting, tax and business advisory group, have been appointed as joint administrators.The administrators are allowing EINW Ltd to continue to trade. 64 redundancies have been made to date. With a combined annual turnover of £13.8m, Electrum Holdings Ltd , AC2000 Ltd and EINW Ltd, employ a 98-strong workforce and trade from locations across the UK including Leicester, Blackpool and Leeds |
| 28 April 2010 | Hughes & Hughes | Hughes & Hughes has gone into liquidation with debts estimated at €15m . Hughes & Hughes owes about €9m to its only secured creditor, Ulster Bank, which appointed a receiver to the company in February. But it also owes more than €6.4m to unsecured creditors, including landlords, Penguin (€300,000), HarperCollins (€256,000), Eason Menzies Distribution (€296,000), and book wholesaler Argosy (€150,000). Insolvency expert Kieran Wallace of KPMG was appointed as liquidator to the chain at a creditors’ meeting. The company's assets have been valued at €1.5m, with stock worth just €700,000--well short of the amount owed to the secured creditor. |
| 27 April 2010 | Wedgewood Museum | The Wedgwood Museum in Stoke-on-Trent has been put in administration after the transferral of a £130m pension debt from the collapsed pottery firm. Waterford Wedgwood Plc went into administration in January last year with a pension fund shortfall. The Stoke-on-Trent museum is linked to the firm by a shared pension fund. Begbies Traynor, the accountancy firm, which is currently running the business, says it is confident for the future of Barlaston’s world-renowned Wedgwood Museum |
| 27 April 2010 | BDP (UK) | BDP (UK), the commercial printer that was allegedly involved in a massive DVD counterfeiting operating, has gone into administration following "the loss of a major customer". Administrators Neil Dingley and Mustafa Abdulali, of Moore Stephens, were appointed on 19 April, at which time all 21 staff were made redundant. |
| 23 April 2010 | Galloway & Porter | Bookseller Galloway & Porter has been placed into administration. Glyn Mummery and Darren Wilson, client partners at Vantis Business Recovery Services (BRS)have been appointed as joint administrators. Cambridge based retailer Galloway & Porter has been running for over 100 years, but the administrators said it could has not achieved the volume of sales necessary to keep the business profitable. Mummery and Wilson are now in the process of running a closing down sale with the intent to sell the business. |
| 22 April 2010 | BDR Logistics | BDR Logistics, one of the South West’s largest haulage companies has collapsed into administration. BDR Logistics is believed to owe about £700,000 to HMRC and has been forced into liquidation. Tim Ball, of Marzars Accountants, in Bristol, has confirmed the closure and said the directors had not been able to keep the company financially afloat. 150 jobs have been lost. |
| 22 April 2010 | Faith | Ailing retailer Faith has been put up for a sale for a number of weeks but administrators Mazars said they were called in after directors realised that a "solvent sale was not possible". The 78-store chain employs 362 full time staff and 1,382 part time worker. Heath Sinclair of Mazars has been appointed. |
| 19 April 2010 | Adventi | Scottish IT consultancy firm, Adventi, has been placed into administration. Adventi, which includes the Scotsys subsidiary, is still trading with a further 22 staff on the payroll while Graham Frost, joint administrator at PricewaterhouseCoopers seeks buyers. The firm, established in 2002, has been one of the country’s fastest growing IT firms but faced increasing cash flow problems and competition from Apple stores. |
| 15 April 2010 | Envy | Fashion retailer Envy has collapsed into administration. In March Envy was sold for an undisclosed sum by John Kinnaird to a consortium of private equity investors including the boss of SKG Capital, Chris Althorp-Gormlay. Envy operates 23 stores and 20 concessions in department store chains such as Debenhams. |
| 13 April 2010 | Packmail | Mailing house Packmail has closed its doors after going to into administration on 9 April 2010, while Colourfolio in Rossendale, Lancashire appears to have closed after going into administration on 13 April. Martin Pickard and Michael Wellard of insolvency practitioner Mazars were appointed to Milton Keynes-based Packmail, making all 38 staff redundant immediately upon appointment. According to a spokeswoman for Mazars attempts to find a buyer for the business proved unsuccessful. She added: "Administrators are now looking to break up the assets of the company." |
| 12 April 2010 | Laser Electrical | Laser Electrical, one of the Northern Ireland's largest locally owned electrical retailers, has collapsed into administration after KPMG said that they were unable to find a buyer for the business as a going concern. Some 150 full- and part-time jobs are now under threat at the chain which operated 10 stores across the North. KPMG blamed the recession in Northern Ireland as one of the key factors behind Laser's collapse. The company's last published accounts, which were for 2008/2009, showed it made a profit of £34,177 which the directors said had been achieved against a "very challenging trading environment." |
| 30 March 2010 | Quinn Insurance | Ireland’s largest insurance company, Quinn Insurance, has been placed into provisional administration by the country’s financial regulator. Michael McAteer and Paul McCann from Grant Thornton have been appointed by the regulator. The financial regulator argued that the company was not maintaining appropriate levels of solvency. |
| 26 March 2010 | Jarvis | Jarvis, the engingeering group collapsed into administration, after banks refused to offer support to keep the York-based company trading. About 2,000 jobs are under threat. The group's demise is despite signing a £55m contract to upgrade Chiltern Railways. Unfortunately, Jarvis plc reached a position where a substantial funding gap meant they were unable to continue trading. Nick Edwards, of Deloitte, was appointed joint administrator on Friday. He said: "Unfortunately, Jarvis plc reached a position where a substantial funding gap meant they were unable to continue trading. "Our immediate priority will be to work with stakeholders to stabilise the business while we identify which parts we can continue to trade and seek buyers for as going concerns." |
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